Coinidol.com: Ethereum's Volatility is Limited Above $2,300

Ethereum's price has resumed its upward trend after being caught between the moving average lines since April 27.

Ethereum price long-term analysis: bullish

However, the $2,400 barrier has prevented the cryptocurrency from advancing further. Since April 13, the largest altcoin has been range-bound, remaining above the moving average lines but below the resistance level of $2,500. Buyers have been unable to push the price above $2,500. The Ether price has stayed above the 21-day SMA support but below the $2,400 barrier.

Now, sellers drove the price below the 21-day SMA support. Ether is currently struggling to remain above the 21-day SMA support. On the positive side, if buyers break through the $2,400 and $2,500 barriers, Ether could rise to the psychological level of $3,000.

However, if Ether fails to surpass recent highs, sideways movement may continue above the moving average lines. If Ether loses its current support, it could fall to a low of $2,200. Today, Ether is at $2,290.

Technical indicators:

• Resistance Levels: $4,500 and $5,000

• Major Support levels: $3,000 and $2,500

Ethereum indicator analysis

The cryptocurrency price is above the moving average lines but has been held back by the $2,400 barrier. There are extended candlestick wicks above the $2,400 mark, signalling strong selling pressure at this peak.

On the 4-hour chart, the price bars are trapped between the moving average lines, indicating sideways movement. Ether is likely to continue trending sideways for several days.

What is the next direction for Ethereum?

The 4-hour chart shows Ethereum's price moving between the moving average lines. On the downside, if the bears break below the 21-day SMA support, Ether may fall towards the $2,200 level. In contrast, if buyers push the price above the 50-day SMA barrier, the altcoin could return to its $2,400 high. Meanwhile, the cryptocurrency price continues to fluctuate between the moving average lines.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.